Problem $8-18$A Analyzing and journalizing notes receivable transactions LO$6$

The following transactions are from Ohlm Company. $($Use $365$ days a year.$)$

Year $1$

December $16$ Accepted a $$10,800,60-$day, $8\%$ note in granting Danny Todd a time extension on his past$-$due account rece December $31$ Made an adjusting entry to record the accrued interest on the Todd note.

Year $2$

February $14$ Received Todd's payment of principal and interest on the note dated December $16.$

March $2$ Accepted a $$6,100,8\%,90-$day note in granting a time extension on the past$-$due account receivable from Company.

March $17$ Accepted a $$2,400,30-$day, $7\%$ note in granting Ava Privet a time extension on her past$-$due account receiv

April $16$ Privet dishonored her note.

May $31$ Midnight Company dishonored its note.

August $7$ Accepted a $$7,440,90-$day, $10\%$ note in granting a time extension on the past$-$due account receivable of Mu Company.

September $3$ Accepted a $$2,100,60-$day, $10\%$ note in granting Noah Carson a time extension on his past$-$due account rece

November $2$ Received payment of principal plus interest from Carson for the September $3$ note.

November $5$ Received payment of principal plus interest from Mulan for the August $7$ note.

December $1$ Wrote off the Privet account against the Allowance for Doubtful Accounts.

Required:

$1-$a$.$ First, complete the table below to calculate the interest amount at December $31.$ Year $1.$

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$4$ of $4$

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